Get ready for more gas savings in 2016

If you thought gas prices could not get any cheaper, just wait until 2016.

Right before Christmas, the U.S. average for a gallon of gas dropped south of $2 for the first time in close to seven years, showing just how far pump prices have fallen in most regions of the country. More than half of all states are below the $2 milestone, based on GasBuddy.com data, and two-thirds of gas stations across America are selling regular gas for $1.99 a gallon or less.

Road-trippers can expect more savings to come. The U.S. Energy Information Administration believes retail prices are on pace to average $2.43 a gallon this year and will slip a little further to an annual average of $2.36 in 2016, which is a buck less than the average price of gas in 2014.

Diesel is also poised for another year of cheaper prices, as the EIA’s outlook calls for a 2016 average of $2.67, or about four cents below the current year.

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